OLV Olivut Resources Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) is pleased
to announce that it has closed its previously announced non-brokered private
placement for aggregate gross proceeds of approximately $2,198,800 (the "Private
Placement"). The Private Placement comprised placements of (i) 1,079,200
flow-through common shares (the "FT Shares") for proceeds of $1,349,000 at a
price of $1.25 per FT Share (the "FT Placement"), and (ii) 772,545 common shares
(the "Common Shares") for proceeds of approximately $849,800 at a price of $1.10
per Common Share (the "Common Share Placement"). The FT Shares and the Common
Shares are subject to resale restrictions pursuant to applicable securities laws
requirements and will not be freely tradable until April 23, 2012.


The Company paid a finder's fee of $3,000, equal to 6% of certain gross proceeds
of the FT Placement, to a registered dealer.


Olivut will use the proceeds of the FT Placement primarily to fund exploration
of its HOAM project in the Northwest Territories, Canada and proceeds of the
Common Shares for costs related to its South American projects and general
corporate purposes.


The TSX Venture Exchange approved for listing the common shares issued under the
FT Placement and Common Share Placement on December 22, 2011. 


A number of insiders participated in the FT Placement, thereby making the
Private Placement a "related party transaction" as defined under Multilateral
Instrument 61-101 ("MI 61-101"). Mr. Pierre Lassonde, as insider of the Company,
purchased 800,000 FT Shares and will own or control 6,025,571 common shares or
approximately 17.99% of the total common shares issued and outstanding after the
completion of the Private Placement. Ms. Leni Keough, President and Chief
Executive Officer and a director of the Company, purchased 80,000 FT Shares and
will own or control 1,959,755 common shares or approximately 5.85% of the total
common shares issued and outstanding after completion of the Private Placement
(or 3,184,755 common shares representing approximately 9.51% of the issued and
outstanding common shares assuming the exercise of convertible securities
already owned by Ms. Keough entitling her to acquire 1,225,000 common shares
upon conversion). Mr. Ian Shaw, Chief Financial Officer of the Company,
purchased 20,000 FT Shares and will own or control 20,000 common shares or
approximately 0.06% of the total common shares issued and outstanding after
completion of the Private Placement (or 195,000 common shares representing
approximately 0.58% of the issued and outstanding common shares assuming the
exercise of convertible securities already owned by Mr. Shaw entitling him to
acquire 175,000 common shares upon conversion). The Private Placement was
unanimously approved by the directors of the Company, with Ms. Keough disclosing
her interest and abstaining from voting with respect thereto. The Private
Placement was exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of any common shares
issued to or the consideration paid by such persons exceeded 25% of the
Company's market capitalization. 


Olivut is a diamond exploration company with a 100% mineral interest in the HOAM
Project in Canada's Northwest Territories and option agreements with Orosur
Mining Inc., whereby Olivut may earn up to 80% interest in diamond prospecting
and exploration licenses located in northern Uruguay, South America and with
Latin American Minerals Inc. and certain of its Paraguayan subsidiaries to
explore the Itapoty Diamond Project located in central Paraguay, South America.
Please visit www.olivut.com for detailed corporate and project information.


This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination in
the United States. The securities being offered have not, nor will they be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent U.S. registration or
an applicable exemption from the U.S. registration requirements. This release
does not constitute an offer for sale of securities in the United States.


This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipate in such statements.


Leni Keough, P.Geo., President and Chief Executive Officer

Grafico Azioni Olivut Resources (TSXV:OLV)
Storico
Da Set 2024 a Ott 2024

Grafico Azioni Olivut Resources (TSXV:OLV)
Storico
Da Ott 2023 a Ott 2024